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Rent To Own Draft
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Rent to Own -
THIS AGREEMENT dated this ____ day o ______________, _________,
by and between:
Herein after referred to as the "Landlord/Seller"
Herein after referred to as the "Tenant/Buyer"
LANDLORD/SELLER AND TENANT/BUYER DO HEREBY COVENANT, CONTRACT AND AGREE AS FOLLOWS:
This Agreement is subject to the Residential Lease Agreement between Landlord/Seller and Tenant/Buyer, dated .
In consideration of the rent payment to be paid by Tenant/Buyer and of the other covenants and agreements herein contained, The Landlord/Seller rents to Tenant/Buyer the , located at __________ .
The Landlord/Seller hereby grants to Tenant/Buyer an exclusive option to purchase the Premises; the Landlord/Seller and Tenant/Buyer acknowledge that they will, to the best of their ability, comply with the necessary requirements set out pursuant to the applicable legislation of the State of (Hereinafter referred to as the "").
The shall be used only as a private dwelling and for no other purposes whatsoever. The Tenant/Buyer shall comply with all Zoning Ordinances, Protective Covenants and Deed Restrictions.
The includes bedrooms and bathrooms.
The Tenant/Buyer shall have use of the following: parking stalls, the costs of which are included in the rent payment. stalls, at a cost of .
This Agreement shall remain in effect from , until , at 12 o'clock midnight.
The Rent for the is __________. This amount shall be paid . The said sum being due on or before: __________ of each term during the length of this Agreement. The said sum shall be payable at , or at such other place as the parties can agree upon.
The Tenant/Buyer agrees that rent shall be paid in lawful money of the United States by .
Should a Tenant/Buyer rent payment to the Landlord/Seller be returned for insufficient funds, the Tenant/Buyer shall be liable to the Landlord/Seller for as a penalty.
The total purchase price for the pursuant to this Option to Purchase Agreement is . If Tenant/Buyer timely exercises this option, is not in default of the Lease Agreement and actually closes the conveyance of the Property, the Tenant/Buyer shall be credited, at closing, the sum of from each lease payment if every lease payment was timely remitted to Landlord/Seller pursuant to the Lease Agreement. No credit shall be given at closing if any lease payment was received by the Landlord/Seller after the due date established in the Lease Agreement. There will be no real estate commissions paid as a result of this transaction.
The does not include any appliances.
The does not include any amendments.
The does not include any furniture.
Disclosure of Information on Lead-Based Paint
Housing built before 1978 may contain lead based paint. Lead from paint, paint chips, and dust can pose health hazards if not taken care of properly. Before renting pre-1978 housing, Landlord/Seller must disclose the presence of known lead-based paint hazards in the dwelling. Tenants must also receive a Federally approved pamphlet on lead poisoning prevention.
This option to purchase is exclusive and non-assignable. Any attempted assignment, delegation, transfer or conveyance of this option to purchase without the Landlord/Seller express written permission is void.
Notice To Exercise Option
Tenant/Buyer may only exercise this option to purchase by delivering written notice of intent to purchase to Landlord/Seller. Such notice must specify a closing date to occur prior to the original Termination Date set forth in the Lease Agreement or the option expiration date set forth in the Terms of this agreement, whichever is later in time. Such notice, if mailed, shall be deemed to be given forty-eight (48) hours after the date of the registration receipt.
Notice to Landlord/Seller:
Notice to Tenant/Buyer:
The Tenant/Buyer shall remit option consideration in the sum of to Landlord/Seller upon execution of this Option to Purchase Agreement, which amount is non-refundable. In the event Tenant/Buyer timely exercises this option, is not in default of the Lease Agreement and actually closes the conveyance of the Property, the option consideration shall be credited to the purchase price at closing. If Tenant/Buyer fail to exercise this option, defaults in the Lease Agreement or fails to close the conveyance, the option fee shall not be refunded.
Financing shall not be a condition of performance of this Option to Purchase Agreement. It is the Tenant/Buyer sole responsibility to arrange financing for the transactions. Landlord/Seller has made no representations to Tenant/Buyer regarding the availability of financing of Tenant/Buyer ability to qualify for financing.
Remedies Upon Default.
In the event of any such default by Tenant/Buyer of this Option to Purchase Agreement or the Lease Agreement, then in addition to any other remedies available to Landlord/Seller at law or in equity, Landlord/Seller shall have the option to terminate this Option to Purchase Agreement and all rights hereunder by giving written notice of termination. Tenant/Buyer is not entitled to any refund of rent or option consideration whatsoever.
All of the terms and conditions of the Lease Agreement must be complied with in order for this option to be enforceable. In the event this Option to Purchase Agreement conflicts with any part of the corresponding Lease Agreement, the terms and conditions of this Option to Purchase Agreement shall be superior and prevail.
The Option to Purchase Agreement shall be binding upon and for the benefit of the heirs, personal representatives, successors, and permitted assigns of the Landlord/Seller and Tenant/Buyer, subject to the requirement specifically mentioned in the Option to Purchase Agreement. Whenever used, the singular number shall include the plural or singular and the use of any gender shall include all appropriate genders.
Amendment of Lease
Any amendment or modification of this Agreement or additional obligation assumed by either party in connection with this Agreement will only be binding if evidenced in writing signed by the parties.
This Agreement will constitute the entire agreement between the Landlord/Seller and the Tenant/Buyer. Any prior understanding or representation of any kind preceding the date of this Agreement will not be binding on either party except to the extent incorporated in this Agreement.
Headings are inserted for the convenience of the parties only and are not to be considered when interpreting this Agreement.
It is the intention of the parties to this Agreement that any and all suits that may be commenced by virtue of this Agreement be construed in accordance with and governed by the laws of the State of , without regard to the jurisdiction in which any action or special proceeding may be instituted.
The parties hereby indicate by their signatures below that they have read and agree with the terms and conditions of this Agreement in its entirety.
Independent Legal Advice
Tenant/Buyer hereby acknowledges and confirms that he was advised by the Landlord/Seller to obtain independent legal or other professional advice and that by executing this Agreement, Tenant/Buyer hereby confirms that he has had the opportunity to seek independent legal or professional advice prior to executing this Agreement and has:
As to Landlord/Seller, this ____ day o ______________, _________,
As to Tenant/Buyer,this ____ day o ______________, _________,